Perigon Wealth Management LLC Acquires 553 Shares of Consolidated Edison, Inc. (NYSE:ED)

Perigon Wealth Management LLC grew its stake in Consolidated Edison, Inc. (NYSE:ED) by 10.4% during the fourth quarter, HoldingsChannel reports. The fund owned 5,883 shares of the utilities provider’s stock after acquiring an additional 553 shares during the quarter. Perigon Wealth Management LLC’s holdings in Consolidated Edison were worth $543,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in ED. Northwestern Mutual Wealth Management Co. raised its holdings in Consolidated Edison by 6.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 15,833 shares of the utilities provider’s stock worth $1,416,000 after purchasing an additional 901 shares in the last quarter. Truist Financial Corp raised its stake in shares of Consolidated Edison by 0.7% during the 2nd quarter. Truist Financial Corp now owns 49,635 shares of the utilities provider’s stock worth $4,438,000 after acquiring an additional 367 shares in the last quarter. Cetera Investment Advisers lifted its position in Consolidated Edison by 8.7% during the second quarter. Cetera Investment Advisers now owns 95,551 shares of the utilities provider’s stock valued at $8,544,000 after acquiring an additional 7,629 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Consolidated Edison in the second quarter valued at approximately $4,159,000. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its holdings in Consolidated Edison by 52.5% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 145,288 shares of the utilities provider’s stock worth $12,992,000 after purchasing an additional 50,044 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ED. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their price target for the stock from $90.00 to $100.00 in a report on Thursday, December 12th. Barclays cut their price objective on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating on the stock in a report on Monday, January 27th. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price for the company. Finally, Morgan Stanley cut their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $100.00.

Consolidated Edison Stock Performance

NYSE ED opened at $93.90 on Friday. The firm has a market capitalization of $32.53 billion, a P/E ratio of 17.68, a PEG ratio of 2.95 and a beta of 0.38. The stock has a 50-day simple moving average of $92.58 and a two-hundred day simple moving average of $98.03. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison, Inc. has a fifty-two week low of $85.85 and a fifty-two week high of $107.75.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The company had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. On average, equities analysts forecast that Consolidated Edison, Inc. will post 5.35 earnings per share for the current year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.62%. The ex-dividend date is Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.